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Item ~ *6.2.* <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />Mayor & City Council <br /> <br />Catherine Mehelich, Director of Economic Development <br /> <br />July 6,2004 <br /> <br />SUBJECT: <br /> <br />Consider Approval of Assignment of Tax Rebates <br />(Abatements) from Badger Ventures, LLC to The Bank of Elk <br />River <br /> <br />Attachment <br /> · DRAFT Assignment of Tax Rebates Agreement <br /> <br />Issue <br />Badger Ventures, LLC has requested that the City of Elk River authorize an assignment of <br />the Tax Rebate (Abatement) payments to The Bank of Elk River. The Tax Abatement and <br />Business Subsidy Agreement between the City of Elk River and Badger Ventures, LLC <br />requires written approval from the City of any transfer or assignment of the Agreement. <br /> <br />An assignment of tax abatement and tax increment financing payments is quite common <br />among other cities and development projects. <br /> <br />The city's attorney is reviewing the attached draft Assignment of Tax Rebates Agreement <br />document and staff will provide a recommendation at the City Council meeting. <br /> <br /> <br />